The Commissioner Of Income Tax, Jalandhar v. M/S The Bholath Primary Co-Op. Agricultural Development Bank Ltd.,Kapurthala

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. ITA No. 80 of 2010 Date of Decision: February 18, 2010 The Commissioner of Income Tax, Jalandhar …Appellant Versus M/s The Bholath Primary Co-op. Agricultural Development Bank Ltd.,Kapurthala …Respondent CORAM:HON'BLE MR. JUSTICE M.M. KUMAR HON’BLE MR. JUSTICE JITENDRA CHAUHAN Present:Mr. Vivek Sethi, Advocate, for the appellant-revenue. 1.To be referred to the Reporters or not?2.Whether the judgment should be reported inthe Digest? M.M. KUMAR, J. This appeal filed under Section 260A of the Income-tax Act, 1961(for brevity, ‘the Act’) challenges orders dated 9.7.2009, passed by the IncomeTax Appellate Tribunal, Amritsar Bench, Amritsar (for brevity, ‘the Tribunal’)in ITA No. 308(ASR)/2009, in respect of Assessment Year 2004-05. Having heard learned counsel for the appellant-revenue and perus-ing the paper book with his able assistance, we found that the matter is nolonger res integra. This Court in the case ofCommissioner of Income Taxv.Nawanshahar Central Co-operative Bank Ltd., [2003] 263 ITR 320, hasheld that deduction under Section 80P(2)(a)(i) of the Act, on account of interestincome on Government securities, debentures, bonds, Kisan Vikas Patras andC.D. of IDBI was admissible. The investment in the said bonds has been heldto be statutory investment in accordance with Section 44 of the Punjab Co-op- erative Societies Act, 1961 and, thus, eligible for deduction under Section 80P(2)(a)(i) of the Act. The view taken by the Tribunal is in accordance with theabove judgment of this Court. It is also conceded position that the SpecialLeave Petition against the aforementioned judgment of this Court, has been dis-missed by Hon’ble the Supreme Court. Moreover, a Division Bench of thisCourt has already dismissed similar appeals, bearing ITA No. 314 of 2005, on1.8.2006, ITA Nos. 594, 595 and 596 of 2009, dismissed on 2.2.2010 and ITANos. 82 and 83 of 2010, dismissed on 16.2.2010, which were filed by the appel-lant-revenue. Accordingly, this appeal fails and the same is dismissed. (M.M. KUMAR)JUDGE February 18, 2010 (JITENDRA CHAUHAN) JUDGE Pkapoor